UAE Central Bank launches FinTech Office to develop a mature industry ecosystem
The UAE Central Bank has launched FinTech Office to develop a mature industry ecosystem within the UAE and position the nation as a foremost FinTech hub regionally and globally.
‘We are beginning to see unicorn start-ups emerging in the UAE, which is evidence, I would assert, the UAE is no longer on the fringes of the global FinTech revolution but moving toward the centre of it. At the Central Bank, we have played a proactive role to build a mature FinTech ecosystem in the country, said Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the UAE.
‘This Office will allow us to accelerate the transformation of digital payments and support financial inclusion. In addition, the Central Bank’s FinTech Office is mandated to execute the UAE’s FinTech Strategy which is centered on innovation and collaboration, said Alahmadi.
The Office was launched at FinTech Abu Dhabi 2020, Mena’s largest FinTech Festival, which is co-hosted by CBUAE and Abu Dhabi Global Market.
Furthermore, the Office will be supporting in attracting international and regional FinTech companies and providing a platform for all market participants to collaborate and innovate.
The Office’s objectives are to put in place effective and balanced regulations and robust digital infrastructures.
‘At the Central Bank of the UAE, our mission is to play a proactive role in building a mature FinTech ecosystem, in part by drawing on the pragmatic lessons of peers from around the globe, said the governor.
He added it is essential for the Central Bank to offer clarity and enable a level playing field for all market participants, creating an environment that facilitates innovation whilst managing risks effectively.
‘In recognition of this, we at the Central Bank of the UAE have recently issued and will continue to issue a series of regulations, where over the coming months you will see more recommendations from us, he said.
Moreover, the Central Bank is working with strategic partners to develop a number of digital platforms: an e-KYC model, a funding solution for small and medium corporates and a distributed technology ledger trade finance platform, to name a few.